Companies Act 2014 section 366

Voluntary revision of defective statutory financial statements

Section 366 allows directors who discover errors or deficiencies in previously approved statutory financial statements or a directors' report to voluntarily prepare revised versions, subject to certain conditions on the scope of revisions and the method of correction.

• Directors may prepare revised financial statements or a revised directors' report if they become aware that the originals did not comply with the Companies Act 2014 or, where applicable, the IAS Regulation
• Where the original documents have already been laid before a general meeting or filed with the Registrar, revisions must be limited to correcting the non-compliance and making any necessary consequential alterations
• Minor note-related errors or omissions that do not affect the amounts or presentation of the profit and loss account, balance sheet, or other required statements may be corrected by supplementary note rather than by preparing fully revised financial statements or a revised directors' report
• When financial statements are revised, the next set of statutory financial statements must include a note disclosing the fact of the revision, its effect, and the reasons for it